Watch for These Points of Difference When You Compare Bank Accounts
Consumers used to have very little choice when it came to the bank they could use. It was usually just whichever bank was closer was "their" bank. But today, thanks to online banks and branch banking, there are many more choices. But with so much choice, you need to compare bank accounts to figure out which one is better for you. Here are some important factors to use when you compare bank accounts.
Compare bank accounts by interest rates: Banks pay interest rates on the money they hold on deposit. Some banks might offer tiered interest rates, depending on how much money is in the account, or they might offer a flat rate, which could vary from one bank to the next. Check out the interest rates and choose the highest, but remember that higher interest rates accounts sometimes come with restrictions.
Compare bank accounts by fees. Banks charge fees and surcharges on various services they offer or features of the account. For example, debit card payments might come with a small fee or writing a check against your balance might have a fee associated with it. Know what those fees are and consider how you typically bank. Find the account with the lowest fees based on the kinds of actions you take with your account.
Compare bank accounts by accessibility. Banks hold your money for you so you can access it. But there are different ways to access your money, depending on your situation. Checks, cash withdrawals in person (at a bank) or cash withdrawals through a bank machine, debit card payments, automatic bill payments, online payments; these are just a few of the many ways that you can access your cash. However, not all banks give all of these options all of the time. Figure out how you like to bank and find an account that offers you the access you desire.
Draw a chart and compare bank accounts for several banks based on these criteria. Ideally you want a bank that offers the highest interest rates, the lowest fees, and the widest accessibility.
Watch for These Points of Difference When You Compare Bank Accounts
By: John
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